Union Home Mortgage is a residential mortgage company based in Ohio. Operating in 44 states as well as the District of Columbia, the company offers many different loan products. These include fixed-rate and adjustable-rate mortgages, as well as FHA, VA, USDA, refinancing, rehab, and new construction loans.
Does Union Home Mortgage Operate in My Area?
While not yet a nationwide mortgage company, Union Home Mortgage does operate in 44 states. It is licensed to conduct business in all states except Alaska, Hawaii, New York, North Dakota, and South Dakota.
What Kind of Mortgage Can I Get with Union Home Mortgage?
Fixed-rate mortgages: One of the most common types of mortgages, a fixed-rate mortgage has a set interest rate for the life of the loan. Loan terms at Union Home Mortgage can range from 10 to 30 years.
Adjustable-rate mortgages: Also called ARM loans, adjustable-rate mortgages start out with a fixed rate before adjusting to market rates after a set period.
FHA loans: Insured by the Federal Housing Administration, these special mortgages require a minimum 3% down payment and may be more accessible to borrowers with past credit issues.
VA loans: Backed by the Department of Veteran Affairs (VA), these loans are intended to help qualified military professionals, veterans, and reservists buy homes. Although borrowers must pay a VA funding fee, oftentimes banks do not require a down payment for this type of loan and may offer a lower interest rate than with a conventional loan product.
USDA loans: Offered only in designated rural areas, the Department of Agriculture (USDA) provides these loans to maintain and revitalize more rural parts of the country. Special terms may be offered, such as 100% financing and higher flexibility for borrowers with lower or poorer credit scores.
What Can You Do Online with Union Home Mortgage?
Union Home Mortgage offers simple mortgage and refinancing calculators to help you estimate your monthly payments before you apply. The online calculators can also help you break down the mortgage payments for easy understanding, as well as demonstrate how much you could save with a refinanced mortgage at a lower interest rate.
You cannot apply directly for a mortgage online with Union Home Mortgage, even though you can manage your loan through their customer portal. Inquiries online are straightforward and easy, but you have to fill out a form or call directly to speak with a loan officer in order to apply.
However, you can apply for a loan through the My UHM app. Potential borrowers can upload all documents required to the app, track their loan applications, and estimate payments from their mobile phones. In case of any issues, the company provides a phone number and email for further help.
Would You Qualify for a Mortgage from Union Home Mortgage?
Like any other mortgage company, Union Home Mortgage cannot deny a housing loan solely because of a borrower’s credit score. Most lenders, however, do ask for a FICO score of at least 620 for a conventional loan, while certain government-backed programs allow for borrowers with less-than-fair credit. Other factors that lenders consider include your debt-to-income ratio and the affordability of your desired home.
Many government-backed mortgages will also require the borrower to pay a private mortgage premium (PMI), as will conventional loans with down payments of less than 20%. Depending on the loan product, some qualified buyers may not need to put any money down at all.
What’s the Process for Getting a Mortgage with Union Home Mortgage?
You can either start the process by completing the contact form online or by applying directly through the My UHM app. Filling out the application form will guide you through a comparison of loan options and the requirements needed to move your application forward. According to the Union Home website, you can get prequalified in minutes.
A professional will appraise your property once your application has been received and your offer has been accepted. Once your loan has been processed and fully approved, it will be underwritten and your closing will be scheduled.
How Union Home Mortgage Stacks Up
Although Union Home Mortgage offers a variety of mortgage options, they do not operate in every state. So while most borrowers will likely find a product that works well for their circumstances, some potential buyers simply don’t have that option.
On the other hand, the company does have a very easy-to-use mobile app, which will appeal to consumers who enjoy using their smartphone to manage their finances. For customers who prefer a more conventional, face-to-face interaction, Union Home also has branches across the country with loan officers available during standard business hours.
Tips for Getting a Mortgage
- Not sure which mortgage is the right choice for you? Consider speaking with a qualified financial advisor. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Use SmartAsset’s free mortgage calculator to get an idea what you might pay monthly for a new home.